Credit: Paramount Pictures

Look out, Pixar and DreamWorks, there’s a new (animated) sheriff in town.

After the success of their CG animated hit, the trippy Johnny Depp-lizard-western Rango, earlier this year, Paramount Pictures has announced that they will be launching their own in-house animated division called, fittingly, Paramount Animation.

According to Variety, the studio is planning to release their first title under their new division by 2014, though there is no announcement on what that movie will be (of course, between earning over $120 million at the domestic box office and raves from critics, a Rango sequel wouldn’t be entirely unexpected).

Paramount currently has a distribution deal with DreamWorks Animation — which most recently released the moderately successful Kung Fu Panda 2 and has the upcoming Puss in Boots — until 2012. A rep for DreamWorks Animation, however, says the studio has no comment on Paramount’s new venture into animation.

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